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IMF: Middle East growth down 3%
- Middle East: Sunday, May 10 - 2009 at 12:33
The International Monetary Fund has said in its Regional Economic Outlook report that gross domestic product for the Middle East is projected to grow 2.6% this year, down from 5.7% in 2008, while Saudi Arabia will have a decline in economic growth of 0.9%, compared with a 4.6% increase last year. The UAE's economy is forecast to contract by 0.6% after growing 7.4% last year, while Kuwait's economy is projected to contract 1.1% after 6.3% growth in 2008, the IMF said. Among non-oil producers, the Lebanese economy is forecast to expand by 3%, after 8.5% growth in 2008.
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StaffSunday, May 10 - 2009 at 12:33 UAE local time (GMT+4)
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